JPMorgan Chase’s $2 billion blunder is throwing the spotlight on an awkward truth for President Barack Obama’s promise to end the era of big bank bailouts: The same institutions that were deemed “too big to fail” before the financial collapse are even bigger now.

Efforts to manage the size of such institutions were at the heart of the Dodd-Frank financial law passed in July 2010. But nearly two years later, many of the law’s regulations remain in limbo, as federal agencies muddle through long rule-making processes against stiff industry opposition.

“Keep in mind if we get all the rules that we proposed and were passed by Congress implemented into law, it should prevent this kind of stuff from happening,” Obama said on “The View” Tuesday.

All the while, the country’s biggest financial institutions continue to grow. The five largest, which controlled $6.1 trillion in assets before the collapse, by the end of 2011 had assets worth $8.5 trillion — equal to more than half of U.S. economic output, according to Federal Reserve data.

Obama specifically cited the “Volcker rule” — a provision in the 2010 Dodd-Frank law intended to prevent government-supported financial firms from big losses by barring them from participating in certain categories of trades.

But that rule has been the target of industry attacks and remains in limbo. And even had it been on the books, it’s unclear whether the rule would have blocked JPMorgan’s ill-fated moves.

Administration officials have also argued that they’re protecting taxpayer money through a Dodd-Frank provision requiring banks to keep more capital on hand, saying it would allow a failed bank to be wound down without federal support.

Sen. Sherrod Brown (D-Ohio) is looking beyond Dodd-Frank to pare down the biggest banks, pushing legislation that would — among other things — prohibit a single institution from holding more than 10 percent of the country’s total deposits and limit how far banks could leverage those deposits into other investments.

— Patrick Reis

Wall Street POLITICO is a weekly column looking at issues that drive business.